Wednesday, May 13, 2015

Greg Mankiw on Free Trade and Jobs


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It's always a good idea to keep the idea of zero-sum in mind when listening to discussions like this. Trade is not zero-sum and even if parity is reached in the future, it does not mean that it will be reached at the expense of one country due to another. All parties engaged in trade can be made better off.

This will be discussed more in the unit on international trade. It is the point that Greg Mankiw tried to make, but was unable to be understood by the news pundit he was talking with.

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